web analytics
December 20, 2014 / 28 Kislev, 5775
 
At a Glance
InDepth
Sponsored Post
8000 meals Celebrate Eight Days of Chanukah – With 8,000 Free Meals Daily to Israel’s Poor

Join Meir Panim’s campaign to “light up” Chanukah for families in need.



Home » InDepth » Op-Eds »

Israel’s Credit Rating Reaffirmed

Straight from the Jerusalem Board Room: An optimistic report on Israel's economy from from Yoram Ettinger.
Israel great credit

Photo Credit: Yori Yanover

1.  Israel’s credit rating has been reaffirmed at A+ by “Standard and Poor,” at a time when S&P lowers the credit rating of an increasing number of Western countries.  According to S&P:

the Israeli economy continues to generate solid economic growth and enjoy a net external asset position, even though the current account has temporarily turned negative. The stable outlook reflects our view that there is sufficient political will to prevent a sizable increase in the government’s debt burden, and that major security risks will be contained. 

S&P noted that “there has been fiscal slippage on account of lower government revenues,” but added, “recent austerity measures and current growth levels should ensure that debt ratios modestly improve in the medium term.

Referring to the most important economic development in Israel in recent times, the discovery of large offshore gas reserves, S&P said, “We forecast that by the middle of the decade domestic natural gas production should contribute to improved external and fiscal balances” (Globes Business Daily, September 30, 2012).

2.  Israel’s GDP grew by 3.4% during the 2nd quarter of 2012, compared with 3.1% and 3.2% during the 1st quarter of 2012 and the 4th quarter of 2011 (Globes, Sept. 20) . While unemployment trends upward towards 7% – which is significantly lower than OECD countries – housing demand peaked in August, to a 13 year record (Globes, Sept. 28).

Israel’s export is impacted by the global meltdown in general and Europe’s intensified economic crisis in particular.  However, while export to Europe declined by 21% during July-August, 2012, compared with July-August, 2011, export to the U.S. surged by 16% during the same period and by 31% compared with May-June, 2012.  Total export ($7.7BN) decreased by 3.5% during July-August, 2012 (Israel Hayom, Oct. 3).

3.  According to the 2012 OECD report, Education at Glance, Israel is ranked 2nd in the number of adults (25-64 year old) with academic degrees, trailing Canada, but ahead of all other OECD countries (Israel Hayom, Sept. 12).

4.  eBay CEO John Donahoe at Israel’s Advanced Technology Conference in Jerusalem (Bloomberg, Sept. 11):  the Israel R&D centers of eBay and its subsidiary PayPal will continue to help drive the company’s innovation in commerce and payment in the foreseeable future. Those centers are based largely on Israeli start-ups acquired by eBay, including Shopping.Com, The Gifts Project and Fraud Sciences. Those centers, employing 340 people, work on everything from EBay’s global social activities to cataloging and data to search mechanisms as well as security and risk management.  Donahoe is looking forward to partnering with more Israeli entrepreneurs to help further spur the future of retail and commerce.

5.  Cisco Systems, the Silicon Valley-based Greylock Partners and the Englewood, CO-based Liberty Global participated in the $24MN 5th round of private placement by Israel’s Celeno (Globes, Sept. 28).

Kazakhstan’s Kenges Rakishev invested $20MN in Israel’s Mobli.  Additional investors in Mobli are Leonardo DiCaprio, Tobey McGuire and Serena Williams.

In August, Rakishev invested $5MN in Israel’s TriPlay (Globes, September 20). The Radnor, PA-based New Spring Capital, the Menlo Park, CA-based Menlo Ventures and the Palo Alto, CA-based Trident Capital participated in a $12MN 3rd round by Israel’s eXelate (Globes, Sept. 25). Switzerland’s ABB will invest $10MN in an Israeli solar project (Globes, Sept. 3). Motorola Solutions led a $4MN round by Israel’s AgentVi (Globes, Sept. 12).

Visit the Ettinger Report

About the Author: Ambassador (ret.) Yoram Ettinger is consultant to Israel’s Cabinet members and Israeli legislators, and lecturer in the U.S., Canada and Israel on Israel’s unique contributions to American interests, the foundations of U.S.-Israel relations, the Iranian threat, and Jewish-Arab issues.


If you don't see your comment after publishing it, refresh the page.

Our comments section is intended for meaningful responses and debates in a civilized manner. We ask that you respect the fact that we are a religious Jewish website and avoid inappropriate language at all cost.

If you promote any foreign religions, gods or messiahs, lies about Israel, anti-Semitism, or advocate violence (except against terrorists), your permission to comment may be revoked.

One Response to “Israel’s Credit Rating Reaffirmed”

  1. Tim Upham says:

    The problem is that the Israeli economy continues to grow, and it credit rating is increased. But this economic euphoria could very easily be threatened by the Palestinian economic collapse. Israel exports over U.S. $3 billon dollars worth of commodities to Areas A, B, and C, of the West Bank. If there was a Palestinian economic collapse, Israel would not be able to decouple from it. The Israeli-Palestinian economies are linked by an economic umbilical cord. The best thing to do, is to make the West Bank and Gaza into an independent Palestine, so it could apply for multi-lateral assistance from the World Bank and International Monetary Fund. This would assist in building up the Palestinian economy, and make it into an equal trading partner with Israel.

Comments are closed.

SocialTwist Tell-a-Friend

Current Top Story
Posted to Twitter in Ferguson, MO by St. Louis County Police: "Bricks thrown at police, 2 police cars burned, gun seized by police. Tonight was disappointing."  Their motto is, "To protect and serve."
Prosecutor in Ferguson Case: ‘Witnesses Lied Under Oath’
Latest Indepth Stories
The annual  Chabad menorah lighting in Sydney has been called off this year because of the murders in the Lindt cafe.

The decision to not publicly light the Menorah in Sydney, epitomizes the eternal dilemma of Judaism and Jews in the Diaspora.

Greiff-112814-Men

Am Yisrael is one family, filled with excruciating pain&sorrow for losing the 4 kedoshim of Har Nof

Two dreidels from the author’s extensive collection.

What is its message of the dreidel?” The complexity and hidden nature of history and miracles.

Keeping-Jerusalem

Police play down Arab terrorism as mere “violence” until the truth can no longer be hidden.

The 7 branches of the menorah represent the 7 pillars of secular wisdom, knowledge, and science.

Obama obtained NO verifiable commitments from Cuba it would desist from acts prejudicial to the US

No one would deny that the program subjected detainees to less than pleasant treatment, but the salient point is, for what purpose?

For the past six years President Obama has consistently deplored all Palestinian efforts to end-run negotiations in search of a UN-imposed agreement on Israel.

It’s not an admiration. It is simply a kind of journalist fascination. It stands out, it’s different from more traditional Orthodoxy.

For Am Yisrael, the sun’s movements are subservient to the purpose of our existence.

Israelis now know Arab terrorism isn’t caused by Israeli occupation but by ending Israeli occupation

Anti-Semitism is a social toxin that destroys the things that people most cherish and enjoy.

Amb. Cooper highlighted the impact of the Chanukah/Maccabee spirit on America’s Founding Fathers

Zealousness has its place and time in Judaism; Thank G-d for heroic actions of the Maccabees!

More Articles from Yoram Ettinger
The National Menorah at the White House.

Amb. Cooper highlighted the impact of the Chanukah/Maccabee spirit on America’s Founding Fathers

Jewish Holidays' Guide for the Perplexed

Chanukah is the holiday of liberty, combining The Book (faith and dedication to God) and the sword

Col. Meinertzhagen: Brit. policy in the Middle East bets on the wrong horse when appeasing the Arabs

Assuming that Israel’s economic growth depends on the conclusion of peace accords is inaccurate.

The soaring threat of Islamic terrorism to the US mainland, pro-US Arab regimes, Europe, India, Asia, Africa and Australia has reaffirmed Israel’s role as the moral and military outpost of the US in the Middle East. Israel’s strategic role has gained in importance against the backdrop of the US withdrawal from Iraq and Afghanistan, the […]

Terrorists aren’t driven by social, economic, or other grievances, rather by a fanatical worldview.

Battling Arab terrorism is undermined by focusing on symptoms rather than its cause, hate-education.

Sukkot is a universal holiday, inviting all peoples to come on a pilgrimage to Jerusalem.

Printed from: http://www.jewishpress.com/indepth/opinions/israels-credit-rating-reaffirmed/2012/10/05/

Scan this QR code to visit this page online: